AP - Most Asian stock markets rose Wednesday as investors shrugged off more dire economic data to focus on signs that companies are still scraping up profits despite the worst recession in decades.

Reuters - Japan's Canon Inc reported an 81 percent fall in quarterly profit and predicted a two-thirds decline this year, hit by slumping demand for cameras and office equipment and a stronger yen.

AFP - Shares in London rebounded at the start of trade on Wednesday following positive figures from corporates while gains in Asia and Wall Street overnight contributed to the boost.

AP - Most Asian stock markets rose Wednesday, with South Korea's benchmark jumping nearly 6 percent in a catch-up rally, after U.S. earnings showed companies are still scraping together profits despite the worst recession in decades. European markets opened higher.

Reuters - Japan's Canon Inc (7751.T), the world's largest digital camera maker, reported an 81 percent fall in quarterly profit and predicted a further slide in annual profit to a 14-year low this year, hit by slumping demand for cameras and office equipment and a stronger yen.

AP - Bank stocks pushed European markets higher Wednesday, and Asian markets rallied after U.S. earnings showed companies are still scraping together profits despite the worst recession in decades.

AP - Investors grew hopeful about an economic recovery Wednesday as the House neared a vote on an $825 billion stimulus plan that contains a mix of new spending and tax cuts.

AFP - Europe's main stock markets rebounded sharply on Wednesday, with banks extending their recent recovery as a US bailout package neared approval and after gains across Asia and overnight on Wall Street, traders said.

AP - AT&T says its earnings fell 23.6 percent in the fourth quarter, narrowly missing analyst estimates, as rising costs offset strong performance in the wireless business.

AP - Health insurer WellPoint Inc. said Wednesday its fourth-quarter profit dropped 61 percent due to a large loss on investments and as growing unemployment reduced the number of workers on its membership rolls.

AP - AirTran Holdings Inc., parent of discount carrier AirTran Airways, lost $118.4 million in the fourth quarter, as it took a hit from bad bets on fuel hedges. It also posted a loss for 2008, its first annual loss since 1999.

AP - Drugmaker Novartis AG reported a 62 percent rise in fourth quarter net profit Wednesday, helped by steady sales growth and the absence of the restructuring charges that hindered the previous year's results.

AP - A ripple of market optimism boosted oil prices Wednesday as major U.S. companies announced profits despite the worst recession since the 1930s.

Reuters - Shares of major U.S. banks soared after the market open on Wednesday, boosted by optimism that President Barack Obama's administration was moving quickly to stabilize the banking sector and as lawmakers get ready to vote on a stimulus package to boost the recession-hit economy.

AP - Spanish police arrested six people suspected in a $600 million stock fraud case in Britain, officials said Wednesday.

Reuters - Shares of large-cap banks rose on Wednesday after Bloomberg News reported that the FDIC may take control of a U.S. 'bad bank.'

Investor's Business Daily - Foreign stock funds underperformed their U.S. counterparts last year, but several managers say they see enough opportunities to generate gains this year.

AP - Boeing Co. said Wednesday it swung to a fourth-quarter loss, hurt by a labor strike that disrupted deliveries from the world's second-largest airplane maker. It also forecast 2009 earnings that missed Wall Street expectations.

AP - Defense contractor General Dynamics Corp. said Wednesday that its fourth-quarter earnings rose on higher profits in its business jet and shipbuilding units, gains that outweighed a drop in the company's division that makes armored vehicles and tanks.

AP - Talk about throwing in the kitchen sink. Wells Fargo & Co. said Thursday that it swung to a $2.83 billion loss in the fourth quarter as it took significant charges to reduce its exposure to the risky assets of Wachovia Corp. and built up its reserves to cover future losses.

AP - ConocoPhillips said Wednesday it lost $31.8 billion in the final three months of 2008 as the third-largest U.S. oil company recorded massive, previously disclosed one-time charges and encountered sharply lower crude prices.

Reuters - The New York Times Co reported a lower quarterly profit on Wednesday because of a nearly 18 percent decline in advertising revenue, and forecast more deterioration in its ad sales.

AP - The New York Times Co. says earnings plunged 48 percent in the fourth quarter because of lower advertising revenue in a weak economy.

AP - Earnings at AT&T Inc. fell 23.6 percent in the fourth quarter, narrowly missing analyst estimates, as rising costs offset strong performance in the wireless business.

AP - Earnings at AT&T Inc. fell 24 percent in the fourth quarter, narrowly missing analyst estimates, as sales of heavily subsidized iPhones exceeded expectations.

AP - Oil prices fell Wednesday with the government reporting that crude inventories continue to grow as businesses and consumers slash energy spending.

AFP - London stocks surged on Wednesday, with the FTSE 100 gaining more than two percent on a strong performance by banks.

AP - Shares of WellPoint Inc. climbed Wednesday after it became the latest insurer to report a steep profit drop but dumped no fresh bad news on investors wary of the sector.

AP - Boeing Co., the world's second-largest airplane maker, swung to a surprise fourth-quarter loss, hurt by a labor strike that disrupted deliveries. It also announced job cuts totaling 10,000 and forecast 2009 earnings that missed Wall Street expectations.

AP - Oil prices were relatively steady Wednesday despite another government report showing that U.S. crude stockpiles are growing as consumers and business slash spending on energy.

AP - Gannett Co., the nation's largest newspaper publisher, reports earnings for the fourth quarter and full year before the market opens Friday. The following is a summary of key developments and analyst opinion related to the period.

AP - Oil prices rose Wednesday despite another government report showing that U.S. crude stockpiles are growing as consumers and business slash spending on energy.

AP - Federal regulators on Wednesday charged an investment adviser with securities fraud, saying he bilked clients of at least $6.5 million in the first scheme using the government's $700 billion financial bailout program as a front to lure investments.

Reuters - Toronto's main stock index rose 1.7 percent on Wednesday, led by the heavily weighted financial sector, on hopes that the multibillion-dollar stimulus package unveiled in Tuesday's Canadian budget and further U.S. government action will promote economic stability.

Reuters - The U.S. Securities and Exchange Commission charged a financial planner on Wednesday with fraud related to the U.S. government's Troubled Asset Relief Program (TARP).

AP - Starbucks Corp. said nearly 7,000 employees may lose their jobs due to a new round of store closures and cost cuts as it reported Wednesday that its profit dropped 69 percent in its fiscal first quarter.

AP - World markets rose sharply Wednesday as investors bet the Obama administration will help banks deal with the bad assets weighing down the financial system and that a fiscal stimulus package will be approved by lawmakers.

Reuters - Toronto's main stock index rose 1.7 percent on Wednesday, led by the heavily weighted financial sector, on hopes that the multibillion-dollar stimulus package unveiled in Tuesday's Canadian budget and further U.S. government action will promote economic stability.

AP - Medical device maker Boston Scientific said Wednesday its loss widened in the fourth quarter on a multibillion-dollar writedown stemming from its three-year old acquisition of rival Guidant.

PC Magazine - Disk drive maker Western Digital Corp posted quarterly results on Wednesday which beat scaled-back expectations thanks to cost-cutting on lower demand, sending its shares up 4 percent.

PC World - Dell will report a hefty charge against earnings when it reports its fourth-quarter financial results at the end of next month, the company announced Wednesday.